Good Morning! Rizz is officially the Oxford word of 2023. Spotify’s laying off 17% of its workforce. Gold rose to a record high on dovish Fed remarks. JPMorgan is also painting a grim economic outlook in 2024, predicting the S&P falls 8%. IRS increased interest penalty on the underpayment of estimated taxes to 8% (from 3% just two years ago). Plus, check out Short Squeez Picks for the most desirable trait CEOs look for in employees and how setbacks can actually boost your career.

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Bleak Bonus Season Ahead: Goldman Tampering Expectations

Last year, Goldman analysts got rekt when bonus season rolled around. But senior management tried appeasing the disgruntled bankers - saying 2022 was a one-time down year. 

But it turns out the firm’s bonus pool is looking pretty bleak this year, too. And management at Goldman is bracing for the possibility of a talent exodus after they kept expectations too high this year.

And it makes sense. Management wanted to prevent a mass exodus last spring - and they were able to convince bankers to stick it out, believing it could only go up from a rough 2022. They swore they'd make it rain if people stuck around.

But the higher-ups are starting to do some serious backpedaling. With earnings looking bleak thanks to major asset write-downs and a dry market, there's just not enough cash for a lucrative bonus season. 

Takeaway: Managers were so sure they'd raise the bar this year, but as one employee says, "managing expectations is not their strong suit." So we don’t blame Goldman bankers for looking for greener pastures after comp season - it will probably be yet another bleak bonus season.

_{SPONSORED BY INCOGNI}

Stop the Spam Calls This Holiday Season

Have you ever noticed how your spam calls increase every time you enter your information while shopping online?

Wondering how on earth these guys got their hands on your digits?

Well the culprits are the data brokers, who specialize in collecting personal information and selling it in bulk to marketers (and sometimes scammers).

The good news is that you can avoid the holiday season spam madness by signing up with Incogni.

Incogni automatically removes your info from the web so that spammers and scammers can't get access to it.

Use code SHORT60 today to get an exclusive 60% discount for Short Squeez readers and get your data removed from 180+ sites automatically with Incogni.

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Top Reads

• ​​Oxford names ‘rizz’ the word of the year for 2023 (CNN)

• Gold rises to record on dovish Fed remarks (YF)

• How a Canadian company became the world’s best acquirer of tech firms (YF)

• Spotify to cut 1,500 jobs in latest round of layoffs (Axios)

• RS move could carry hefty cost for some taxpayers (Fox)

• KKR Infrastructure head expects deals to accelerate next year (BB)

• Amazon’s space dreams deserve to be grounded (Reuters)

• Rate cut hopes drive S&P to best month of year (Axios)

• Bitcoin hits 42k, tops 18-month high (CNBC)

• Should we merge America’s merging regulators? (Axios)

• Competition will make obesity drugs successful (Reuters)

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Markets Rundown

Stocks slipped to start jobs week.

Movers & Shakers

• (+) Carvana ($CVNA) +14% after JPMorgan raised its price target.

• (+) Spotify ($SPOT) +7% after announcing it will lay off 17% of its staff.

• (–) Virgin Galactic ($SPCE) -18% after founder Branson ruled out future investments.

Private Dealmaking

• Thoma Bravo completed its $3.6 billion sale of Imperva, a cybersecurity company, to Thales

• Roche bought Carmot Therapeutics, an anti-obesity drug developer, for $2.7 billion

• Concentra Biosciences offered to buy LianBio, a drug developer, for $465 million 

• Ursa Major, a rocket engine maker, raised $138 million

• Seismic Therapeutic, a biotech focused on immunology, raised $121 million

• ArmorCode, an AppSecOps platform, raised $40 million

For more PE, VC & M&A deals, subscribe to our Buysiders newsletter.

_{BOOK OF THE DAY}

Tomorrowmind

In recent years, workplace toxicity, industry volatility, and technology-driven turnover have threatened the psychological well-being of employees. When we can’t flourish at work, both personal success and corporate productivity suffer.

As we sit on the cusp of some of the most turbulent economic changes in history, many of us wonder how we can not only survive but flourish in our careers.

Now, Tomorrowmind provides essential plans and actionable advice for facing the uncertain future of work. With in-depth and clear-eyed evidence, it offers key skills on everything from resilience and innovation to social connection and foresight.

Cultivate a workplace that fosters connection and meaning for yourself or your employees with this timely and crucial guide that is destined to inspire generations of workers.

“We are always told to live in the present. But the future holds our dreams, and may be the key to our happiness.”

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Rapid Decline in Bank Lending

_{SPONSORED BY PERCENT}

Finding Returns in a High Interest Rate Environment

Higher interest rates and market volatility are making it harder for investors to find above-market returns.

However, private credit investments may outperform traditional markets over the next 5 years, according to research from KKR. In fact, they expect private credit returns to outpace the S&P 500 in the next 5 years¹.

Private credit used to be reserved only for big-name institutional investors, but today, Percent is making these investments accessible to everyday accredited investors.

On Percent, it’s easy to find, compare, invest and track your private credit investments.

You’ll get access to:

• Attractive yields. As of November 30, Percent’s weighted average APY is 18.72%. 

• Diversification. Returns are generally independent from public market performance.

• Liquidity. Deals can mature in less than a year, with some offering liquidity after a few months.

• Up to a $500 sign up bonus with your first investment.

_{DAILY ACUMEN}

Taxes

Taxes extend beyond the financial realm; they permeate every facet of our existence. Seneca's insight, conveyed in a letter to Lucilius, emphasizes that complaints and anxieties are akin to life's inherent taxes, from which one should never expect exemption or attempt evasion.

Whether it's dealing with bothersome individuals taxing your patience, enduring travel delays as a tax on your journey, or facing criticism as a tax on maintaining a YouTube channel—life imposes its levies on various fronts. Even success comes with its own tax, a monetary one that tends to increase with one's achievements.

Seneca's perspective offers a refreshing outlook—he advocates paying these taxes with a sense of acceptance and even gladness. After all, encountering such challenges often signifies a life well-lived, a year of financial prosperity, and the simple joy of being alive.

_{JOB BOARD}

Featured Jobs

• Daily Harvest - Director, Strategic Finance - New York, NY

• ByteDance - Finance - New York, NY

• FBI - Agent, Finance - New York, NY

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Short Squeez Picks

• 5 types of people you need in your network 

• Morgan Housel on expiring vs. permanent skills

• 48 books everyone should read

• The most desirable trait CEOs look for in employees

• How setbacks can actually boost your career

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Memes of the Day